FAQs
What are examples of unclaimed property?
The most common types of unclaimed property are savings or checking accounts, stocks, dividends, checks that have not been cashed, certificates of deposit, unclaimed insurance benefits, unused gift certificates, and items abandoned in safe deposit boxes or held in police department stolen property files. By law, holders must transfer abandoned property to the Treasury Department.
What if the claimant cannot provide proof of ownership to the property?
Proof of ownership is usually established by address or Social Security verification or, in some instances, presentation of the original property. In most cases, the claimant will be asked to prove the “reported address.” Some examples of acceptable proof include; an old envelope, school record (yearbook, report card, etc.), church record, old utility bill, a mailing label from a magazine, or any other document confirming the reported address. If the claimant is having a difficult time, please contact us for assistance
What type of ID is acceptable?
Most unclaimed property offices require a drivers license or another form of government issued photo ID. if your current address is not the same as the one that they have listed, they will want proof that you lived at the former address. If the account has more than one owner and one of the owners is deceased, a certified death certificate for the deceased owner is required in addition to the Identification for the person claiming the account.
How long does it take to get my money back?
This varies depending on the department that is holding your money. Some claims can be paid in as little as two weeks, others average 90 days or more. It all depends on the type of claim and what, if any, additional documentation the department requires. That is why it is very important to make sure you supply everything that is requested by the department holding the money. Missing documentation delays processing time. This can get you to move back to the "bottom of the pile". Synergy helps with this by making sure you have everything you need to get the initial claim moving forward quickly. Any additional documentation requested would be part of the process and keep the claim moving forward.
What if the original owner of the property is deceased?
Proof of Ownership (detailed above) must still be established with documentation (as detailed on your claim form). In addition, you must provide a certified death certificate for the owner, along with identification and signed claim forms for all heirs of the owner (or for the personal representative if the estate remains open). Additional documentation may be required depending on the specific case.
The rightful owner of the property has died. How can I show proof of my relationship?
If the owner of the property is deceased, unclaimed property claims can be paid to the owner’s estate. If no estate exists and the property is valued over $11,000, someone must be appointed by the court to be the personal representative of the estate. If the unclaimed property is valued under $11,000, it has been at least five (5) years since a personal representative to the estate was appointed, and the owner died as a resident of Pennsylvania, the property may be paid to the surviving spouse, child, parent, or sibling (preference given in that order). The claimant will be asked to complete, and in this case sign, an affidavit attesting to their relationship to the owner.
What are Synergy Solution's fees?
Synergy works on a contingency fee basis. We only get paid a percentage of the amount you get back (15%) only after you receive your money. There are absolutely NO upfront fees. As we like to say no results... NO fee! It's a win/win situation.
What if a Power of Attorney (POA) is claiming on behalf of the owner?
The Treasury will honor Personal Powers of Attorney as long as we receive a certified copy of the POA, signed by the owner. The POA may execute the claim forms on behalf of the owner. A certified copy of the POA must have the notary ink stamp and include the “Acknowledgement Executed by Agent” and “Notice” if executed in Pennsylvania after April 12, 2000, in accordance with 20 Pa. C.S.A. Section 5601(c). The entire power of Attorney must be submitted.
Why is my constituent receiving cash instead of the stock shares that were reported?
Treasury is required by the Unclaimed Property law to sell all shares after being reported by a holder. According to Section 1301.17(e) of the law, “The State Treasurer shall be required to sell all stocks, bonds and other negotiable financial instruments upon receipt of such items. The State Treasurer shall not be held liable for any loss or gain in the value that the financial instrument would have obtained had the financial instrument has been held instead of being sold.”
Must my constituent pay taxes on the money received from unclaimed property?
The payment of unclaimed property may be considered a taxable event. Constituents should be advised to check with their tax professionals.
Why didn't the unclaimed property office contact me directly?
In the United States, there are millions of people owed billions of dollars. The unclaimed property offices holding this money has limited staff. They can only do so much. They also get paid the same amount no matter how many people they can find. There are no extra incentives to find you. As thousands of new accounts are added every week, chances are that the unclaimed property office will never contact you. On the other hand, we only get paid if we get your money back. We have more incentive to find people and contact them than the unclaimed property office does.
Why should I use Synergy Solution to recover my funds?
We are experts in recovering unclaimed money. We are familiar with all of the paperwork and documentation required to collect your funds. We have also developed relationships with unclaimed property department that can be beneficial when there are questions or unexpected developments arise. Most importantly, we are looking out for your best interests. If you have received a letter from us, we have already put forth considerable effort in determining if the money belongs to you as well as contacting you. For a small percentage, we can finish the job we started and get your money to you sooner than later.
Company Claims
What does the claimant do if they have an unclaimed business property?
• Claim and Affidavit & Indemnification agreement forms must be signed and notarized.
• Proof of the Employer Identification Number (EIN) must be provided.
• A letter must be provided authorizing the claimant to claim the above-mentioned property on behalf of the company he or she represents.
• If there are partners involved, it is not necessary that all partners sign the papers; one partner can authorize the other(s) to claim the property.
• If the business is closed, a certified copy of dissolution documents from the Department of Revenue must be included. The original or certified copy of the Distribution of Assets must also be included.
• If the business is closed has been sold or has merged with another business, please provide supporting documentation, such as dissolution papers, a sales agreement, or merger documents.
• If the business is bankrupt, the original or certified copy of the bankruptcy discharge papers must be included.
(Revenue forms can be downloaded at https://www.corporations.pa.gov/search/corpsearch)
CLAIMING ON BEHALF OF A DECEASED RELATIVE
Does my constituent need to submit a short certificate and a relationship affidavit?
No. A short certificate is required if a personal representative has been appointed in the last five years or if the value of the property is over $11,000. If neither of these conditions exists, the claimant has the option of using the relationship affidavit if the claim meets the requirements that follow:
• The owner died without an estate, or the estate has been closed for more than five (5) years.
• The value of the property is less than $11,000.
• The owner was legally domiciled in Pennsylvania at the time of death.
• The claimant is the surviving spouse, child, parent, or sibling (preference given in that order). If the claimant is not the surviving spouse, child, parent, or sibling, a short certificate is required.
How does my constituent file for a short certificate? Is there any expense involved?
A short certificate can be obtained in the Register of Wills’ office in the county where the decedent passed away. There is usually an expense involved in this process. The cost varies by county.
What is a short certificate?
A short certificate is a certification that an estate proceeding is on record in the Register of Wills’ office in the county where the decedent was legally domiciled at the time of death. A short certificate can only be issued if an estate exists. The Register of Wills is responsible for appointing a personal representative.
What if there is no will?
If the owner died “intestate” (without a will), an administrator is appointed by the Register of Wills. The Register of Wills grants Letters of Administration. The decedent’s estate is then distributed according to a formula that is set forth by the Intestate Succession laws. These “intestacy” laws name the beneficiaries and the amount to which they are entitled.